Oil firms set to cut prices

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Oil companies are set to reduce again their prices by more than P1 per liter.
Pilipinas Shell Petroleum, Eastern Petroleum, Phoenix Petroleum and PTT Philippines on Monday announced that they will roll back the prices their petroleum products.

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Shell said  it will reduce the price of gas by P1 per liter, kerosene by P1.25 per liter and diesel by P1.45 per liter effective on Tuesday, January 19, at 6 in the morning .

PTT Philippines will lower pump prices at 6 in the morning on January 19—gasoline by P1.0 per liter and diesel by P1.45 per liter.

Phoenix Petroleum Philippines will decrease the prices of diesel by P1.45 per liter and gasoline by P1.0 per liter effective 6 in the morning of January 19.

Eastern Petroleum Corp. slashed the prices of diesel and gasoline by P1.50 and P1.10 per liter, respectively, at 6 in the afternoon on Monday.

Fernando Martinez, Eastern Petroleum chairman and chief executive officer, attributed the latest price cuts to  continuous downward trend of prices in the world oil market after the lifting of Iran’s export sanctions.

“Analysts even forecast the lifting of sanctions on Iran would result in a further downward pressure on oil and commodities in the near term,” Martinez said.

ABERON VOLTAIRE PALANA

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